Ovid Therapeutics Inc - OVID STOCK NEWS

Ovid Therapeutics (NASDAQ: OVID) reported business updates and Q2 2024 financial results. Key highlights include:

• Appointment of Dr. Amanda Banks as Chief Development Officer
• Expansion of Scientific Advisory Board
• 43% workforce reduction and streamlined operations
• Strong financial position with $77.0 million in cash and marketable securities
• Advancement of OV888/GV101 to Phase 2 proof-of-concept study
• Anticipated completion of OV329 Phase 1 MAD study in H2 2024
• Suspension of OV329 IV program
• Planned regulatory submission for OV350 in H2 2024

Financial results show $169,000 in revenue, $20.7 million in operating expenses, and a net income of $8.5 million for Q2 2024. The company expects its cash runway to support operations through late H1 2026.

Ovid Therapeutics (NASDAQ: OVID) has appointed Dr. Amanda Banks as Chief Development Officer. Dr. Banks will oversee clinical development, medical, and regulatory affairs functions, as well as drive corporate development strategy. Her expertise in neurology, clinical strategy, and business development is expected to help Ovid unlock potential therapeutic opportunities in their ROCK2 inhibition and KCC2 direct activator platforms.

Dr. Banks brings a strong track record in business leadership and securing transformational partnerships. Her experience spans multiple therapeutic areas, including neurology, oncology, metabolic disorders, and infectious disease. Prior to joining Ovid, she co-founded and served as CEO of Blackfynn, a data platform company focused on accelerating therapeutics development for neurological diseases.

Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company focused on improving lives affected by epilepsies and brain conditions, has announced its participation in two upcoming investor conferences in August 2024:

1. BTIG Virtual Biotechnology Conference: Ovid will engage in a fireside chat on Tuesday, August 6th at 10:00 a.m. ET.

2. 2024 Wedbush PacGrow Healthcare Conference: The company will participate in a panel discussion on Tuesday, August 13th at 10:15 a.m. ET.

Both events will be accessible via live webcasts through the Events & Presentations section of Ovid's website at investors.ovidrx.com. Archived replays will be available on the company's website following the live presentations.

Ovid Therapeutics (NASDAQ: OVID) has expanded its Scientific Advisory Board (SAB) with the appointment of leading neurologists, neuroscientists, and epileptologists. The expanded SAB will advise on the potential application of Ovid's compounds to broader brain disorders, focusing on conditions caused by hyperexcitability, neurovascular and neuro-inflammatory dysfunction.

Key appointments include Dr. Imad Najm of Cleveland Clinic, Dr. Raman Sankar of UCLA Health, Dr. Jamie Maguire of Tufts University, and Dr. Jeff Noebels of Baylor College of Medicine. The SAB, chaired by Professor Robert Langer, will focus on translation and clinical development strategies for Ovid's ROCK2 inhibitor and KCC2 direct activator portfolio.

Ovid anticipates multiple milestones in H2 2024, including a Phase 2 study of OV888/GV101, Phase 1 data readout for OV329, and IND submission for OV350.

Ovid Therapeutics announced the publication of preclinical studies in eNeuro, showcasing OV329's potential effectiveness in treating drug-resistant seizures. OV329, a next-gen GABA-AT inhibitor, demonstrated higher potency compared to vigabatrin, an FDA-approved GABA-AT inhibitor. Sustained exposure to OV329 in mice reduced GABA-AT activity and increased GABA levels in the brain, potentially offering robust and sustained seizure reduction. Additionally, OV329 reduced status epilepticus severity and prevented benzodiazepine resistance development in mice. These findings suggest OV329's differentiated profile and potential for better safety, dosing, and efficacy in refractory seizure treatment.

Ovid Therapeutics and Graviton Bioscience announced positive Phase 1 trial results for their OV888/GV101 capsule, a potential first-in-class therapy for cerebral cavernous malformations (CCM). The trial met its primary objective by demonstrating a favorable safety and tolerability profile, with no serious adverse events reported. Secondary endpoints showed target pharmacokinetic profiles were achieved, supporting once-daily dosing. The capsule was biologically active, producing dose-dependent pharmacodynamic effects. A Phase 2 study is planned for the second half of 2024. The findings indicate OV888/GV101 could be the first oral treatment for CCM, aiming to restore brain endothelial cell function, reduce inflammation, and prevent fibrosis.

Ovid Therapeutics reported on Takeda's Phase 3 study results for soticlestat, a treatment for Dravet syndrome (DS) and Lennox-Gastaut syndrome (LGS). The Skyline study in DS narrowly missed its primary endpoint but showed significant effects in secondary endpoints with p-values ≤ 0.008. The Skyway study in LGS missed its primary endpoint. Soticlestat had a favorable safety profile across both studies. Takeda will discuss the total data with regulatory authorities. Ovid highlighted its differentiated pipeline and financial strategy, with cash runway expected to last into H1 2026. Key upcoming milestones include Phase 2 and Phase 1 trials for OV888, OV329, and the KCC2 direct activator OV350.

Ovid Therapeutics (NASDAQ: OVID) has provided business updates and first-quarter 2024 financial results. Key highlights include the completion of two Phase 3 trials by Takeda for soticlestat, expected to treat Lennox-Gastaut and Dravet syndromes, with topline data anticipated in H1 2024. A Phase 1 trial for OV888 (GV101) has concluded, showing no serious adverse events, with Phase 2 set to begin in H2 2024. Financials reveal cash and equivalents of $90.3 million, enough to support operations into H1 2026. Revenue for Q1 2024 was $148,000, up from $66,000 in Q1 2023, despite an increased net loss of $11.7 million.

Ovid Therapeutics Inc. will be participating in a fireside chat at the H.C. Wainwright 2nd Annual BioConnect Investor Conference on May 20, 2024, at 3:00 p.m. ET. The company is focused on developing medicines for rare epilepsies and brain conditions. The event will be live webcasted and can be accessed through the Company’s website.